Sandy Spring Bancorp Completes Acquisition of Revere Bank

Bank Deepens Presence in the Region and Welcomes New Executives and Directors

OLNEY, Md., April 01, 2020 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (NASDAQ: SASR, “Sandy Spring”), the parent company of Sandy Spring Bank, announced today that it has completed its acquisition of Revere Bank (“Revere”). Now officially part of Sandy Spring, Revere’s branding will change to Sandy Spring following the full conversion of Revere’s systems, which is expected to occur during the third quarter of 2020.

“It is a critical time for us to come together as a company and community, so we are pleased to welcome Revere Bank clients and employees to Sandy Spring Bank,” said Daniel J. Schrider, President and CEO of Sandy Spring Bank. “Our company is focused on driving sustainable and purposeful growth and upholding the tradition of community banking in this region. We believe the acquisition of Revere Bank will allow us to best serve the needs of our clients, build stronger communities, deliver value for our shareholders, and provide meaningful opportunities for our employees.”

The combined bank’s assets total $11.4 billion, which has resulted in Sandy Spring exceeding the important growth benchmark of $10 billion and making it the largest locally headquartered community bank in the Greater Washington, D.C. region. Revere’s clients will have access to Sandy Spring’s extensive capabilities and sophisticated products, which include a range of commercial and retail banking, mortgage, private banking, and trust services, as well as a comprehensive menu of insurance and wealth management services through its subsidiaries.

In connection with its acquisition of Revere, former Revere directors Christina Baldwin O’Meara, Walter C. (Clay) Martz II and Brian J. Lemek are joining Sandy Spring’s board of directors.

Ms. O’Meara, a founding director of Revere, is President of O’Meara Properties, a real estate brokerage, development and management firm that recently merged into Reliable Real Estate Services. Mr. Lemek, also a founding director of Revere, is the founder and owner of Lemek, LLC, the franchisee for Panera Bread bakery-cafes in Maryland, and of Lemek Slower Lower LLC, which owns six Panera Bread bakery-cafes in Southern New Jersey and Delaware. Mr. Martz is an attorney at Walter C. Martz, LLC, a general law practice, and also serves as the Chief Judge of the Maryland Tax Court.